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Bitcoin has extended its rally to eight straight days, pushing back above $74,000 and reclaiming one of its strongest positions in recent weeks.

Not long ago, sentiment looked very different. Many were questioning whether the latest pullback signaled deeper trouble, or if it was simply another bout of typical market volatility.

Since this discussion was recorded, Bitcoin has moved decisively higher, gaining 12.5% this month. Meanwhile, gold has slipped 5% over the same period, challenging the long-held argument that Bitcoin struggles to preserve value during macro uncertainty.

This sharp reversal underscores a familiar reality: Bitcoin’s volatility cuts both ways. What appears to be weakness can quickly transform into strength, often catching both skeptics and seasoned investors off guard.

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A Familiar Pattern in an Evolving Market

Despite the intensity of the recent downturn, Roy Kashi, CEO of Falconedge (AQSE:EDGE) (USOTC:FEDGF), views it as consistent with Bitcoin’s historical behavior.

Over the past decade, Bitcoin has repeatedly experienced drawdowns of 30%, 40%, or even 50% within broader bull cycles. What makes these moves feel more dramatic today is the growing presence of institutional capital and leverage.

As Bitcoin becomes more accessible through ETFs and other financial instruments, price swings can become more exaggerated. When markets rise, capital floods in quickly; when sentiment shifts, exits can be just as aggressive.

Yet from a long-term perspective, Kashi sees these pullbacks as part of Bitcoin’s “DNA”, not a deviation from it.

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What’s Driving the Volatility?

The recent turbulence, and subsequent rebound, appears to be driven by a combination of factors:

• Retail sentiment shifts triggering momentum selling
• Institutional repositioning amid macro uncertainty
• Leverage unwinding, leading to cascading liquidations
• Broader economic concerns influencing risk appetite

Scott P. Ellam, CEO of XCE – Connecting Excellence Group (AQSE:XCE) (USOTC:XCELF),, emphasizes that these forces are external to Bitcoin itself.

“The network continues to operate exactly as designed,” he explains. “Volatility is a function of human behavior and market structure—not a flaw in Bitcoin.”

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The Role of Leverage and Market Structure

Bitcoin’s 24/7 global trading environment, combined with widespread access to leverage, makes it particularly sensitive to rapid price movements.

When leveraged positions unwind, they can trigger cascading liquidations, pushing prices down sharply until a new equilibrium is reached. While painful in the moment, this process often resets the market by removing excess risk.

Ellam views these episodes as ultimately constructive, rewarding long-term participants who remain unleveraged and disciplined.

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Volatility vs. Structural Risk

A key distinction highlighted in the discussion is the difference between volatility and structural risk.

Volatility refers to short-term price fluctuations driven by sentiment and positioning. Structural risk would imply a fundamental issue with Bitcoin’s design or function.

According to Ellam, Bitcoin’s core attributes remain unchanged:

• A fixed supply capped at 21 million
• A transparent and verifiable network
• A predictable issuance schedule
• Decentralized, permissionless transactions

Unless these fundamentals are altered, which remains highly unlikely—the long-term integrity of Bitcoin remains intact.

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A Misunderstood Safe Haven?

Kashi argues that Bitcoin is still widely misunderstood, particularly in how it is categorized by investors.

Despite its properties, it is often treated as a “risk-on” asset—sold during periods of uncertainty while capital flows into traditional safe havens like gold.

However, recent price action, Bitcoin rising while gold declines, challenges that narrative.

Bitcoin’s portability, immutability, and independence from centralized systems make it uniquely suited for preserving wealth, particularly in extreme scenarios such as capital controls or geopolitical instability.

Ellam reinforces this with a powerful observation: for the first time in history, individuals can transfer significant wealth across borders simply by memorizing a seed phrase, something impossible with physical assets.

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The Long-Term Perspective

For both leaders, the key to navigating Bitcoin lies in adopting a long-term mindset.

Ellam advocates a “price-agnostic” strategy, consistently accumulating Bitcoin regardless of short-term movements. This approach reduces emotional decision-making and aligns with Bitcoin’s historical growth trajectory.

Despite multiple severe drawdowns, including declines of up to 80%, Bitcoin has consistently recovered and reached new highs over multi-year periods.

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Looking Ahead

The recent rebound serves as a reminder of how quickly sentiment can shift in Bitcoin markets. What appeared to be a concerning downturn has rapidly transformed into renewed strength.

If history is any guide, these periods of volatility may ultimately be viewed as temporary disruptions within a broader upward trend.

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Conclusion

Bitcoin’s latest cycle—sharp decline followed by a strong recovery, highlights the dual nature of its volatility. While unsettling in the short term, these movements are not new, and, importantly, they do not reflect structural weakness.

For investors willing to zoom out and focus on fundamentals, the bigger picture remains unchanged.

As Roy Kashi and Scott P. Ellam suggest, the real question is not whether Bitcoin will continue to be volatile, but whether its long-term potential makes that volatility worth enduring.

Zotefoams (LSE:ZTF) reported record results for 2025, with revenue increasing 7% to £158.5m and adjusted operating profit climbing 26% to £22.8m. The improvement was supported by stronger margins, robust cash generation and the declaration of a higher final dividend. The group also strengthened its balance sheet while completing the acquisition of Overseas Konstellation Company, which broadened its European product portfolio and distribution channels. The transaction was funded without significantly weakening the company’s financial position, and leverage improved, leaving capacity for additional investment.

The business continued to advance its “Expanding Beyond the Core” strategy, which targets organic revenue exceeding £230m and operating profit above £40m by 2029, with longer-term ambitions to surpass £300m in annual sales. Key initiatives included progress on a new manufacturing facility in Vietnam, additional production capacity in the United States, the launch of an innovation centre in South Korea and the integration of the OKC acquisition. Management also highlighted more balanced growth across transport, aerospace and industrial markets and reiterated confidence in delivering sustainable expansion with higher margins despite ongoing macroeconomic uncertainty.

The company’s outlook is supported by positive corporate developments and strong cash flow generation, although profitability challenges and valuation concerns remain considerations. Strategic expansion and acquisitions provide growth opportunities, but a high P/E ratio and recent earnings volatility weigh on the overall assessment.

More about Zotefoams

Zotefoams plc is a London-based manufacturer specialising in advanced foam technologies for lightweight industrial and technical applications. Using proprietary nitrogen expansion processes, the company produces AZOTE and ZOTEK foams as well as T-FIT insulation products. Its materials serve a wide range of sectors globally, including transport, aerospace, packaging and industrial markets, with manufacturing operations in the UK, United States, Poland, Spain and China.

Primary Health Properties (LSE:PHP) reported a landmark year in 2025 following the completion of its merger with Assura, creating a healthcare real estate investment trust valued at around £6bn. The combination significantly expanded the group’s property portfolio and rental income base while maintaining near-full occupancy across long-term leases. The enlarged company achieved most of the £9m in targeted annual cost synergies earlier than expected, increased adjusted earnings per share and dividends, and is exploring joint ventures in primary care centres and private hospital assets as it works to reduce leverage and benefit from improving rental growth linked to the UK government’s 10-year NHS strategy.

Financial performance strengthened notably, with net rental income rising 49% to £230m and IFRS profit after tax almost tripling. The improvement was supported by property revaluations and stronger rent review outcomes, although EPRA net tangible assets per share declined slightly due to share issuance and transaction-related costs associated with the merger. The combined portfolio is now valued at about £6.0bn, with a weighted average unexpired lease term of 10.8 years, occupancy of 99% and approximately 76% of income backed by government tenants. Management expects further growth from rebasing primary care rents, expanding exposure to private hospital assets and increasing activity in Ireland. The company also confirmed a progressive dividend policy, marking the start of its 30th consecutive year of dividend increases.

The group’s outlook is supported by solid underlying fundamentals, including rising revenue and strong free cash flow generation. However, leverage levels and earnings volatility remain considerations. Valuation appears attractive with a relatively high dividend yield and moderate P/E ratio, while technical indicators show constructive share price momentum despite slightly stretched conditions. Corporate developments, including the completed Assura merger and governance enhancements, also contribute to a positive investment case.

More about Primary Health Properties plc R.E.I.T

Primary Health Properties is a UK-listed real estate investment trust specialising in healthcare infrastructure, particularly modern primary care facilities. Following its merger with Assura, the group’s portfolio has expanded to include private hospitals across the UK and Ireland. Much of its rental income is supported by long-term leases with NHS and related healthcare organisations, positioning the company as a key provider of social infrastructure with a 30-year track record of uninterrupted dividend growth.

Gulf Keystone Petroleum (LSE:GKP) has announced that it will publish its full-year 2025 financial results on 19 March 2026. On the same day, management will host a live audio webcast presentation for analysts and investors, providing an overview of the company’s performance and outlook. Participants will have the opportunity to submit questions in advance as well as during the event, and a recording of the presentation will be made available online afterward, reflecting the company’s ongoing focus on transparent communication with the market.

The group’s outlook continues to reflect solid financial stability and supportive corporate developments, although valuation considerations and operational risks remain factors for investors. Maintaining strong cash flow and successfully managing geopolitical risks in its operating region will be important to sustaining future performance.

More about Gulf Keystone Petroleum

Gulf Keystone Petroleum is an independent oil and gas exploration and production company focused on the Kurdistan Region of Iraq. Listed on both the London Stock Exchange and the Oslo Stock Exchange, the group concentrates on upstream activities in this resource-rich region, developing and producing hydrocarbons to supply international energy markets.

Fonix (LSE:FNX) reported a strong performance for the six months to 31 December 2025, with gross profit rising 7.1% to £10.5m and adjusted EBITDA increasing 6.4% to £8.3m. Growth across all key service lines supported a 6.9% rise in the interim dividend to 3.1p per share. The company also highlighted the reliability of its platform, maintaining 100% uptime and more than 99% recurring income, while delivering resilient trading despite slightly lower underlying cash and minimal exposure to upcoming UK gaming tax changes.

Operationally, the group continued to expand across Europe, reporting progress in Portugal, the launch of a live pilot in a third market and early groundwork for entry into a larger fourth territory targeted for FY27. Product development also advanced, including enhancements to its Campaign Manager platform, the rollout of PayFlex in Ireland, initial deployments of CompsPortal and broader trials of RichMessaging services. These initiatives strengthen Fonix’s position as a specialised mobile payments intermediary operating within the ecosystems of broadcasters and mobile network operators.

Management said the business enters the second half of FY26 with positive momentum in its core UK and Irish markets and a robust pipeline of enterprise opportunities. The company is also incorporating AI tools internally to improve development processes, operational optimisation and customer outcomes. The board reiterated its confidence in delivering sustainable gross profit growth and long-term shareholder value in line with market expectations, supported by recurring revenues, international expansion and structural barriers to entry around its core platform.

Fonix Mobile PLC’s outlook is underpinned by solid financial performance and an attractive valuation profile, complemented by positive corporate developments that reflect strategic progress and shareholder confidence. Technical indicators suggest near-term bullish momentum, although potential longer-term resistance levels may remain. Limited earnings call disclosure means there is less visibility into detailed forward guidance from management.

More about Fonix Mobile PLC

Fonix plc is a UK-focused provider of mobile payments and messaging technology that enables organisations to connect, engage and transact with customers via mobile channels. Its services are widely used by media, charity, entertainment and enterprise clients, including ITV, Bauer Media and RTÉ. Headquartered in London, the company focuses on interactive services and audience engagement solutions while expanding its presence across European markets.

Vast Resources (LSE:VAST) has rejected allegations reported in the Romanian press following a dispute with a group of employees at its Vast Baita Plai SA operation who were recently issued notices under a restructuring plan. The employees claim the company failed to follow proper procedures and have indicated plans to stage protests. Vast said these claims are unfounded, stating that the reorganisation process has been conducted in line with Romanian legal requirements and with appropriate legal advice.

The company said the restructuring enables it to terminate the employment of certain staff without significant cost, particularly individuals it alleges have been misusing medical leave provisions. At the same time, the plan allows for the rehiring of selected workers under revised contracts and employment terms. According to the company, some of the affected employees had sought reduced working hours and additional paid leave, and management believes they are responsible for promoting a negative media narrative around the situation. Vast maintains that the dispute does not materially affect the group’s operations and that the restructuring is intended to support the long-term interests of its Romanian business and shareholders.

Despite this clarification, Vast Resources continues to face considerable financial and operational pressures, including declining revenues and ongoing losses. Technical indicators also point to a bearish share price trend, while valuation metrics remain weak, contributing to a subdued overall outlook.

More about Vast Resources

Vast Resources plc is an AIM-listed mining company with a focus on projects in Romania, including the Baita Plai operation managed through its subsidiary Vast Baita Plai SA. The company operates within the broader mining sector, aiming to develop and optimise its mineral assets to improve operational performance and deliver value for shareholders.

Vistry Group (LSE:VTY) has named Rob Woodward CBE as its new non-executive chair, with the appointment set to take effect on 13 May 2026. He will replace Executive Chair Greg Fitzgerald, who will step down from the role and also retire as CEO once a successor has been appointed. Woodward, currently the company’s senior independent director and chair of the nomination committee, brings significant experience from senior roles across FTSE-listed businesses and is expected to provide continuity as Vistry advances its partnerships-focused housing strategy.

As part of the governance transition, Woodward will relinquish his positions on the audit and remuneration committees in line with UK corporate governance standards but will remain chair of the nomination committee. Rowan Baker will take on the role of senior independent director while continuing to chair the audit committee. The board said the changes establish a more traditional separation of leadership responsibilities, strengthening governance as the group continues to play a major role in delivering affordable housing across the UK.

Vistry’s outlook is currently weighed down by weak technical indicators, with the share price trading below major moving averages and showing negative momentum signals. Financially, the group maintains a relatively conservative balance sheet and positive free cash flow, but softer revenue and significantly lower margins compared with previous years raise concerns about near-term earnings strength. Valuation appears broadly neutral at around 15 times earnings, with the absence of dividend yield data offering limited additional support.

More about Vistry Group

Vistry Group is a UK-listed housebuilder specialising in a mixed-tenure partnerships model, delivering a substantial portion of the country’s affordable and social housing supply. The company works closely with local authorities, housing associations and private sector partners and is a key participant in major initiatives such as the Social and Affordable Homes Programme 2026–2036.

Close Brothers Group (LSE:CBG) reported a resilient but softer performance for the six months to 31 January 2026, with adjusted operating profit from continuing operations falling 19% to £65.2m. Return on average tangible equity also declined to 6.3%. The statutory loss before tax narrowed to £65.5m, largely reflecting the impact of a previously announced £135m provision linked to motor finance. The group’s loan book decreased 2% to £9.2bn, reflecting weaker property markets and a strategic decision to withdraw from certain lending segments.

Across its lending divisions, the net interest margin remained steady at 7.1%. Credit quality also improved, with the bad debt ratio falling to 0.8% following an update to IFRS 9 modelling for motor finance exposures. These factors helped offset the impact of lower income resulting from the reduced loan book. The group’s CET1 capital ratio strengthened to 14.3%, supported by the disposal of Winterflood and a reduction in risk-weighted assets, improving the bank’s capacity to absorb potential liabilities linked to the FCA’s proposed motor finance commission redress scheme.

Management has accelerated its transformation programme, shifting the focus toward operational optimisation. The initiative is expected to deliver approximately £25m in annualised cost savings in the current financial year and around £60m by the end of 2027—one year ahead of earlier plans. The strategy includes higher restructuring expenditure and a planned reduction of around 600 roles by 2027. Close Brothers reiterated its goal of achieving double-digit returns on tangible equity by the 2028 financial year, supported by a more targeted loan portfolio focused on selected growth areas.

The company’s outlook remains pressured by weaker profitability and higher leverage, alongside bearish technical signals that indicate a broader downward trend in the share price. While stronger cash flow and a relatively low P/E valuation offer some support, these factors may not fully offset concerns around earnings momentum and financial performance.

More about Close Brothers Group

Close Brothers Group is a UK-based specialist banking group that has supported the domestic business community for nearly 150 years. The bank focuses on niche areas of commercial, retail and property finance, including premium finance and motor finance. Its strategy centres on serving segments where it believes it can achieve sustainable growth and strong long-term returns.